The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-01-06

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Assets over liabilities -. 81, LOB AZ
The finances OF the Exchange have
been managed during the year with
the stric.est economy, with a view OF
outstanding our resources 30 as to re.
duce the debt incurred in paying up
the balance OF our subscription to stock
in the Cotton Exchange Building
Company. In the statement of the
secretary, among tho item Of expenses,
will be found the sum OF $1,000 paid
the Home Insurance Company. This
10 part OF the $1,000 which was Dor
rowed to pay up the subscription
above mentioned. This note was paid
at maturity, August LIST, and the bal
ance Of the notes, amounting to $4,000,
were reserved for one year. The pre-
cediug statement Of liabilities repre-.
sents the condition OF the Exchange
December LIST, bat since then your
Finance Committee, seeing the prob
able surplus OF nearly $4,000 that
would be carried over at the end OF
the coming year, have thought it best
to utilize this amount by paying off
another portion Of the debt, and with
this end in view, note of the Union
and Planters Bank for $4,000 and one
of the German Bank for $1,000 was
paid December 0, which has saved the
sum of $ll5 "a in interest, and has
reduced the liabilities from S9,-
$50 10, as shown by the secre-
tary's~ report, to $3.50 10, and in
creased the assets over liabilities from
$57, 10S AZ to $50, l03 AZ.
During the year new contract with
the Gold and Stock Telegraph Com.
pany was entered into for cur tele.
graphic information, taking effect
June LIST past. The new contract Is a
very favorable one for the Exchange,
being reduction Of I per cent N. d.
code word as compared with the
former one, and Ia the cheapest rate
ever had by the Exchange.
The cotton trade OF Memphis is in
healthy, thriving and growing condi-
ton, our receipts growing larger year
by year. The receipts for the COM
mercisl year, ending August Slst,were
545, $3.50 bales, an increase over the pre-
ceding year Of lis, 4S9 bales, and were
the largest in our history. We not
only increased our total receipts, but
alec increased our percentage OF the
total crop, being 500 per cent as COM
pared with 7.6S per cent. the previous
year. Our receipts this year promise
to be the largest ever known, up to
date amounting to 494 ,05T bales, an in
crease of 6S, 1914 bales over last year,
and an increase over the preceding
year OF l53,967 bales.
The membership Of the Exchange
at the beginning Of the past fiscal year
numbered l7S. During the year
twenty new members we're elected, all
of whom purchased memberships be-
longing to Others, leaving the men,
bership the same as at the beginning
OF the season. Your Board would take
this opportunity OF drawing to the at
tention OF the Exchange the fact that
the placing OF the initiation fee at 5000
has no. been the means of increasing
the membership, but has in fact pre-
vented an increase, as memberships
could always be purchased for less
than the Exchange rates,
Death has removed from among us
our former associates, Messrs. jacob
Jaoobs and Henry Furstenheim, two
two OF our most useful aud worthy
members. Suitable resolutions have
been adopted by the Exchange Iels-
tive thereto.
Only a single case has been present
ed to your Arbitration Committee toT
abjudicat on during the pact yea,
showing that the rules governing the
esle end transfer OF cotton are mu-
tually satisfactory to tue Gotten tire re.
The duties of the Committee On Cias-